Shiba Inu Investor Makes More Than $6 Million In Profit, Here’s How They Did It

Source Bitcoinist
Jun 21, 2024 18:30

The crypto community’s attention was recently drawn to a Shiba Inu (SHIB) investor who has made millions of dollars from the meme coin. The investor’s strategy again highlighted the benefits of conviction and patience in the crypto market.

Shiba Inu Investor Makes Over $6 Million Unrealized Profit From SHIB

On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that the Shiba Inu investor had made $6.12 million from his investment in the meme coin. The platform revealed this while mentioning that the individual had just withdrawn 353.83 billion SHIB tokens from Binance and now holds 838.87 billion SHIB tokens.

The investor’s decision to accumulate more Shiba Inu and move them off the centralized exchange indicates their intention to hold for the long term despite already sitting on $6.12 million in profit. On-chain data shows that this Shiba Inu investor has been accumulating the meme coin since 2023, when they first purchased over 817 million SHIBtokens. 

Since then, this Shiba Inu looks to have been dollar-cost-averaging and accumulating more SHIB tokens on every dip. This also explains why the smart trader made this recent transaction and accumulated more of the meme coin, seeing as Shiba Inu is currently on a downtrend and has declined by over 15% in the last seven days, according to data from CoinMarketCap.

The Shiba Inu investor’s decision to keep holding their SHIB tokens rather than secure profits shows that they still expect more price surges for the meme coin in this bull run. SHIB rising higher in this market cycle undoubtedly remains a huge possibility considering that crypto analysts like Rekt Capital have noted that the bull run has yet to reach its peak. 

Moreover, crypto analysts like Javon Marks have expressly given their bullish predictions for Shiba Inu in this bull run, stating that the meme coin would still shed another zero and possibly rise to as high as $0.0001553. 

Time To Start Taking A Look At SHIB

Crypto analyst Kevin (formerly OG Yomi) recently suggested that this may be a perfect time to start accumulating Shiba Inu. He stated in an X post that Shiba Inu is in an “incredible spot to start taking a look at if you have not already.” He revealed that the meme coin’s 3-day relative strength index (RSI) is at the same level it was at during the “very bottom” of the bear market.

Based on his analysis, Kevin told crypto investors that it would be crazy not to start a DCA position, especially if they missed Shiba Inu’s initial move to the upside. He added that he expects SHIB to outperform if Bitcoin holds up and breaks all-time highs. 

Shiba Inu price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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